User Research

I spoke to five Venmo users to get an understanding of how they use Venmo in their lives, what they like about it, and the various pain points they experience.

Key Insights

At the highest level, people use Venmo to send and receive money from friends, acquaintances, and strangers alike. My research revealed several key dimensions that further define a user’s Venmo use: motivation for use, frequency of use, type of transaction, and who they transact with.

Motivations

• Pay someone I owe money

• Charge someone who owes me money

Frequency

Frequency of Venmo use ranged from roughly twice a month to several times per week. These variations were largely driven by network effects, perception of safety/security of Venmo, and access to superior alternatives.

Low frequency

• Mostly one-off transactions

• Venmo is seen as a utility only used when needed, not a core tool

• User desires only basic working functions/reliability/safety

• Transacting mainly with friends, infrequently with strangers

High frequency

• Mix of one-off transactions and recurring/planned transactions

• Venmo is seen as a core tool for managing social and financial needs

• Desires more sophisticated functionality to satisfy complex needs

• Transacting with both friends — often with a recurring group of core friends – and strangers

Transaction Types

• Spontaneous transaction – when a user sends or receives a spontaneous Venmo payment as a direct result of a one-time need (e.g. paying a friend back for a shared Uber ride).

• Planned transaction – when a user sends or receives a planned Venmo payment to fulfill a known, recurring need (e.g. roommates splitting monthly rent).

Transaction Partners

This ranges from close friends and family, to acquaintances, to complete strangers. The relationship between the user and the people they interact with on Venmo often shapes the frequency and nature of a transaction. For example, one might have more spontaneous transactions with acquaintances they get dinner with once in a blue moon, and more planned transactions with the core group of friends they split a Spotify account with.

Ideation

Solution Ideas

• Friend Groups – saved groups of friends to initiate transactions with

• Favorite Friends – select certain friends as ‘Favorites’ for easier discovery

• Duplicate Transaction – ability to duplicate the recipients, values, and description of a past transaction

• Scheduled Transaction – ability to schedule future recurring transactions with dedicated recipients, values, and description

• Reminders – user-created reminders to request or send money at a future date